Berkshire Hathaway, Inc. (NYSE: BRK-A) (NYSE: BRK-B) — the largest state public pension fund in the United States led by investment giant Warren Buffett and the seventh-largest company in the world — saw its market cap surpassed by Bitcoin (CRYPTO: BTC).
What Happened: Berkshire Hathaway's market cap is just over $760 billion, whereas the Bitcoin network is worth $770 billion — a whole $10 billion more.
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What makes it particularly notable is Buffett's past commentary on Bitcoin. Back in early May 2018, he famously described the world's first cryptocurrency as “probably rat poison squared" during a Berkshire Hathaway annual shareholder meeting, while Berkshire’s vice chairman and long-time Buffett collaborator Charlie Munger added that trading in cryptocurrencies is “just dementia.”
Buffett has been seemingly losing his widespread recognition over the last few years. This culminated with this week's reports that the largest state public pension fund in the U.S. sided with a minority shareholder in sponsoring a proposal to remove Buffett as Berkshire Hathaway's chairman.